Found a property in the legal section of newspaper - was to be sold at courthouse on 5/5, now it is showing to be sold on 6/9 - what happened??

Asked by Countrylivin', El Dorado, KS Fri May 6, 2011

I would also like to know, if it doesn't sell at courthouse, how long would it be before it went on the market as an REO?

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David Cooper, Agent, Los Angeles, CA
Fri May 6, 2011
BEST ANSWER
Postponements happen because all the legal paperwork was NOT in the hands of the auctioneer by the scheduled date. . REO can stay in the banks inventory for a long time. They are the new owner can sell it when they want to.

- David Cooper..Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. email or call for FREE daily list. +1-7024997037 not a real estate agent
0 votes
Countrylivin', Home Buyer, El Dorado, KS
Fri Apr 18, 2014
Asking question about same property. Supposedly sold in October 2013, closed in dec 2013, however still is showing owners as mortage passthrough cert. can't seem to find out anything. HELP!
0 votes
Robyn Funk,…, Agent, Wichita, KS
Mon Jun 25, 2012
Last 2 years were the years of cancellations....in this market anyway.As you may already know only about 4% of loan modifications are being successfully completed under the federal Making Home Affordable Program. That’s just 31,382 loans nationwide. When the program was unveiled in early 2009, it aimed to successfully modify 3 to 4 MILLION within 3 years. At this rate, in 3 years ONLY 94,146 people NATIONWIDE will have been helped. The Banks agreed to do cancel and only sale so many after the bailouts. It's like throwing spagetti on the wall. One of my clients was in her home for 2 years for free and sales kept getting cancelled and reset. Or, it could be that I'm negotiating a short sale for the Seller and got the sale date extended. That is if it's listed. Or, the homeowner's could have agreed to a Deed in Lieu of foreclosure...ie. cash for keys. Are you the homeowner, a potential buyer, or just curious. I can give you more detailed info if you want to email me or call me. Robyn Funk, Broker Realty One Corp.
Email:robyn@realtyonekansas.com
316-644-9101
0 votes
Countrylivin', Home Buyer, El Dorado, KS
Fri May 6, 2011
I'm asking another pertaining to the same question - I doubt the current owners will/have asked for extension as they have long ago vacated the property
0 votes
Michael Emery, , Minneapolis, MN
Fri May 6, 2011
Chances are the homeowners requested and received an extension to the foreclosure.

And if the home ends up at the courthouse auction, someone will buy the home. Either the bank or another buyer will purchase the home. If the bank that owns the note purchases the home, it could be on the market in as little as 30 days or longer, depending on circumstances.
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